Capital Allocators Monthly Newsletter - October 2022

We’ve swapped counterparty risk for liquidity risk.
James Aitken

What Ted's Thinking

When There's No L in LBO. Ted's blog disccuses the changing nature of private equity transactions.


Private Equity Deals Rolls On. Our new podcast released episodes 3 and 4 this month, featuring deals from Stone Point Capital and Berkshire Partners.

Listen on Apple
Premium Teaser. Each week, our premium members get updates on past guests making waves. Among the highlights this month included:


·        Shundrawn Thomas - launching an impact investing fund

·        Steve Kuhn - adding LeBron James and Tom Brady to the ownership group of Major League Pickleball

·        Lauren Taylor Wolfe - taking it up a notch at the Robin Hood Investors Conference

·        Jennifer Prosek, Todd Boehly, Jeff Solomon, and David Druley - named by WSJ among the most influential decision makers in business

·        Collette Chilton, Meredith Jenkins, and Sarah Samuels - winning Allocator Prize awards at the inaugural With Intelligence event.

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1. Alignment of Interest on Valuations.  Boaz Weinstein from hedge fund Saba Capital tweeted a novel and clever proposal:  "It would be interesting if LPs in funds had a one-time right to sell 5% of their interest to the GP at the valuation provided. Private valuations might be a bit different!"  The comments are worth a read.

Read Twitter Thread & Comments

2. Ravi Gupta, 'Play for the Front of the Jersey.'  The Sequoia partner discusses the importance of putting the team in front of the individual in making a winning recipe.

Read 'Play for the Front of the Jersey'

3. Hedge Fund Flows, Omar Kodmani.  A clear, comprehensive look at fund flows in hedge fund strategies from a long-time industry vet.

Read 'Hedge Fund Flows'

4. Rekindling a Relationship That Has Gone Cold, Admired Leadership. We all have relationships worth rekindling. In this Field Note, Randall Stutman and his team give some tips to get started.

Read 'Rekindling A Relationship That's Gone Cold'

5. Annie Duke's latest masterpiece. Quit released on October 4th. Ted is on record predicting it will be a best-seller (2nd book prediction after Morgan Housel's The Psychology of Money).

Read Quit


Capital Allocators Episodes

EP. 273: Annie Duke - Former professional poker player, decision-making expert, best-selling author, and repeat guest discusses her new book, Quit.

Go to Episode

EP. 274: Andy Acker -  Portfolio Manager at Janus Henderson, Andy discusses an empty room: investing in biotech.

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EP. 275: Louis-Vincent Gave -  The Founding Partner and CEO of GaveKal discusses the case for emerging markets.

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EP. 276: Reade Griffith - Co-Founder and CIO of Tetragon discusses managing assets and partnerships.

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EP. 277: Jon Ballis - Chairman of the Executive Committee at Kirkland & Ellis, Jon discusses being in the room where private equity happens.

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EP. 278: Michael Rees - Co-President of public company Blue Owl (OWL) discusses the ins and outs of owning a piece of large-scale GPs.

Go to Episode
Manager Meetings Episode

EP. 38: Jack Sommers - The Co-Founder and Executive Chair at Income Research and Management discusses core fixed-income investing.

Go to Episode
Private Equity Deals Episodes

EP. 03: Jarryd Levine - Managing Director at Stone Point Capital, Jarryd discusses the value in industry specialization at Bullhorn.

Go to Episode

EP. 04: Kevin Callaghan and Larry Hamelsky - Managing Directors at Berkshire Partners, Kevin and Larry discuss culture and compounding at Parts Town.

Go to Episode

Word from our Sponsors

Janus Henderson Investors. This month from Janus Henderson's institutional blog, recent Capital Allocators Guest, Andy Acker, discusses factors that could reignite investor enthusiasm around the biotech sector.

Listen to 'Signs of Recovery in Biotech'
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Prosek Partners. As investors navigate the virtual and hybrid fund-raising landscape, a manager's brand and reputation have come into sharper focus. Prosek Partners' CEO Jen Prosek offers advice to achieve success.

Read 'Success Spelled Out Through a Clear, Differentiated Narrative'
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